The luxury e-commerce company said it was working on a “significant capital increase” last month when it brought the Neiman Marcus veteran on board as CEO to work alongside founder and chief brand officer Lauren Santo Domingo.
The money came from new investors, including G Squared, and existing investors New Enterprise Associates and Andrés Santo Domingo. Moda said at the time that the kitty would ensure it was “well positioned as the company moves forward with a renewed focus on its mission to be the leading curated luxury lifestyle platform for women.”
Helping out with the process was restructuring specialist Gordon Brothers, which worked with the investment banking firm Consensus and extended Moda a $13 million term loan as it surveyed the market and evaluated its options.
Gordon Brothers said Moda used the financing “to run a fulsome sale process and achieve a positive outcome for the equity and all other stakeholders.”
Michael O’Hara, managing member at Consensus, said: “The Gordon Brothers team played a significant role in helping reach a positive outcome for Moda Operandi. Their domain expertise, hard work and flexibility yielded the liquidity we needed to run a full marketing process, and we sincerely thank them for their partnership on this project.”
Kyle Shonak, managing director at Gordon Brothers, said: “Led by an innovative team, Moda Operandi has consistently established itself as a leading platform for fashion discovery. In partnership with Consensus, we achieved the best outcome for the online fashion retailer.”
Now the trick will be for Gold, with Lauren Santo Domingo, to position Moda for an increasingly competitive future, where platform powerhouse Farfetch, the newly public Mytheresa and others are angling for the online hearts and minds of luxury shoppers.
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